The President and Chief Executive Officer of the Dangote Group, Aliko Dangote, yesterday faulted the hike of interest rate to almost 30 per cent by the Central Bank of Nigeria (CBN). He spoke at the Banquet Hall of the Presidential Villa in Abuja at the commencement of a three-day summit organised by the Manufacturers Association […]
Governor, Central Bank of Nigeria, Olayemi Cardoso yesterday said that the apex bank will support measures to boost the nation’s external reserves including the proposed Eurobond issue by the Federal Government. Cardoso stated this in an interview with Bloomberg TV, saying, “We should have a diversity of sources. It shouldn’t just be the eurobond market, it […]
All commodity terms of trade (ToT) declined by 0.12 percentage points in the first quarter of 2024 (Q1’24), just as the value of imports increased by 0.51 percentage points during the period. The National Bureau of Statistics, NBS, disclosed this yesterday in its All Commodity Price Indices and ToT report for Q1’24. The bureau defined ToT […]
Increased loan inflows improved capital importation into Nigeria in January 2024 by 19 percent month-on-month, MoM, to $330 million from $280 million in December 2023. The Central Bank of Nigeria, CBN, disclosed this in its Monthly Economic Report for January 2024. CBN said: “Higher inflow of loans boosted foreign capital inflow in the review month.” Giving further […]
Net foreign exchange inflow into the economy fell by 39 per cent Month-on-Month, MoM, to $2.37 billion in January from $3.91 billion in December 2024. The CBN disclosed this in its monthly economic report for January, released yesterday. The report showed that the sharp decline in net forex inflow was caused by 95.7 per cent MoM […]
The Central Bank of Nigeria yesterday said there are no plans to revoke the operating licenses of Fidelity Bank, Wema Bank, Polaris Bank and Unity Bank Acting Director of Corporate Communications of CBN, Mrs. Hakama Sidi Ali stated this in a statement averring that rumours of a plan to revoke the licences of the banks […]
The equities market defied the persistent hike in interest rate by the Central Bank of Nigeria, CBN, at the end of trading in May with investors recording a marginal gain of N619 billion. This is a sharp contrast from the previous month when the market declined by 6.16 percent after losing more than N3.5 trillion in […]
Nigeria must levrage on its national assets in order to attract foreign exchange inflows and build huge external reserves needed to achieve stable exchange rate, said Chief Executive of Economic Associates, Ayo Teriba. He added that the country remains the only big economy of the world that builds airports and not terminals, where about 40 percent […]
The Presidential Committee on Fiscal Policy and Tax Reforms has recommended an exchange rate of N800 per dollar Customs import duty rate for the rest of the year. This move will be a huge departure from what obtains currently where Customs duty is changed erratically, sometime twice a day with total changes effected so far this […]
Dr Akinwumi Adesina, the President of the African Development Bank (AfDB), says an increase in the Gross Domestic Product (GDP) must translate to job creation for youths to ensure growth on the continent. Adesina said this at a presentation on the African Economic Outlook held on the sidelines of the ongoing 2024 Annual Meetings in […]
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